{"id":32882,"date":"2020-12-05T14:00:05","date_gmt":"2020-12-05T12:00:05","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=32882"},"modified":"2025-08-28T10:56:40","modified_gmt":"2025-08-28T07:56:40","slug":"november-2020-in-figures-bitcoin-hits-a-historic-high-ethereum-2-0-launches","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/november-2020-in-figures-bitcoin-hits-a-historic-high-ethereum-2-0-launches\/","title":{"rendered":"November 2020 in figures: Bitcoin hits a historic high, Ethereum 2.0 launches"},"content":{"rendered":"<div class=\"review_top_blk\">\n<h2>Key takeaways<\/h2>\n<ul>\n<li>Bitcoin price hit a new all-time high. Ethereum and XRP hit two-year highs.<\/li>\n<li>The launch of Ethereum 2.0 with staking functionality took place.<\/li>\n<li>Spot-market trading volume entered the top three on record, approaching 2017-2018 levels.<\/li>\n<li>Derivative market activity was sky-high. A record level of liquidations pushed open interest down by 20%.<\/li>\n<li>Dex Uniswap and SushiSwap battled on, and DeFi project yEarn.Finance began aggressively absorbing competitors.<\/li>\n<li>Ethereum hash rate reached an all-time high.<\/li>\n<li>The number of whales rose as balances on centralized exchanges declined.<\/li>\n<li>The number of active Bitcoin addresses approached December 2017 levels.<\/li>\n<li>The \u201cGreed Index\u201d reached maximum levels.<\/li>\n<\/ul>\n<\/div>\n<div class=\"review_single_blk\">\n<h2>Leading asset dynamics<\/h2>\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<div id=\"attachment_118620\" style=\"width: 1148px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118620\" class=\"size-full wp-image-118620\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2735-1.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"1138\" height=\"534\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2735-1.png 1138w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2735-1-300x141.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2735-1-1024x481.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2735-1-768x360.png 768w\" sizes=\"auto, (max-width: 1138px) 100vw, 1138px\" \/><\/p>\n<p id=\"caption-attachment-118620\" class=\"wp-caption-text\">Weekly BTC\/USD chart on Bitstamp. Data: TradingView.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div id=\"attachment_118621\" style=\"width: 1148px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118621\" class=\"size-full wp-image-118621\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2677-1.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"1138\" height=\"554\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2677-1.png 1138w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2677-1-300x146.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2677-1-1024x499.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2677-1-768x374.png 768w\" sizes=\"auto, (max-width: 1138px) 100vw, 1138px\" \/><\/p>\n<p id=\"caption-attachment-118621\" class=\"wp-caption-text\">Weekly ETH\/USD chart on Bitstamp. Data: TradingView.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<ul>\n<li>30 November Bitcoin price updated a historic high on many exchanges, surpassing the December 2017 peaks. On Bitstamp it reached $19,870, and on 1 December it climbed to $19,918. On Binance a new high was recorded at $19,863. The average high on CoinGecko also updated to $19,799.<\/li>\n<li>1 December the market capitalisation of the first cryptocurrency also peaked at $369.6 billion.<\/li>\n<li>Ethereum hit a two-year high, reaching levels seen in early 2018 \u2014 the price peaked around $636. The rise was accompanied by heightened on-chain activity ahead of the launch of the protocol\u2019s second version with staking. <br \/>\nHowever the second-largest cryptocurrency by market cap remains about 58% below its all-time high recorded on 13 January 2018.<\/li>\n<\/ul>\n<\/div>\n<div class=\"review_single_blk\">\n<div class=\"reviews_has_halves stretch\">\n<div class=\"review_half\">\n<div id=\"attachment_118629\" style=\"width: 1148px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118629\" class=\"size-full wp-image-118629\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2736.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"1138\" height=\"534\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2736.png 1138w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2736-300x141.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2736-1024x481.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2736-768x360.png 768w\" sizes=\"auto, (max-width: 1138px) 100vw, 1138px\" \/><\/p>\n<p id=\"caption-attachment-118629\" class=\"wp-caption-text\">XRP\/USD weekly chart on Bitstamp. Data: TradingView.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<p>Market activity positively reflected in many altcoins, especially XRP \u2014 in November the token rose 175%. On 24 November XRP price updated a two-year high, peaking at $0.79 (on Coinbase even $0.90). As a result XRP\u2019s market capitalisation rose from $10.8B to $32.2B. The asset returned to third place in the rankings of the most capitalised coins. Nevertheless XRP trades about 83% below its January 4, 2018 all-time high.<\/p>\n<p> Litecoin (LTC), Cardano (ADA) and Stellar (XLM) also posted impressive price moves in November \u2014 60%, 85% and 160% respectively.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<h2>Market moods and correlations<\/h2>\n<div class=\"review_single_blk\">\n<p>The Crypto Fear and Greed Index continued its ascent into the extreme greed zone. Throughout November the indicator stayed above 80, signalling heightened market activity. By 1 December the index reached an all-time high of 95 amid a <em>failed<\/em> attempt to push Bitcoin through $20,000. The monthly average was 86.5 (in October it stood at 57.1).<\/p>\n<div id=\"attachment_118645\" style=\"width: 2316px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118645\" class=\"size-full wp-image-118645\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/korrelyatsii-1-2.png\" alt=\"\u041a\u043e\u0440\u0440\u0435\u043b\u044f\u0446\u0438\u0438 \u0430\u043a\u0442\u0438\u0432\u043e\u0432 \u0437\u0430 90 \u0434\u043d\u0435\u0439. \u0414\u0430\u043d\u043d\u044b\u0435: BlockchainCenter.\" width=\"2306\" height=\"682\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/korrelyatsii-1-2.png 2306w, https:\/\/u1f987.com\/wp-content\/uploads\/korrelyatsii-1-2-300x89.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/korrelyatsii-1-2-1024x303.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/korrelyatsii-1-2-768x227.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/korrelyatsii-1-2-1536x454.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/korrelyatsii-1-2-2048x606.png 2048w\" sizes=\"auto, (max-width) 100vw, 2306px\" \/><\/p>\n<p id=\"caption-attachment-118645\" class=\"wp-caption-text\">90-day asset correlations. Data: BlockchainCenter.<\/p>\n<\/div>\n<\/div>\n<h2>Trading volumes<\/h2>\n<div class=\"review_single_blk\">\n<div id=\"attachment_118648\" style=\"width: 2316px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118648\" class=\"size-full wp-image-118648\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2612-2.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"2306\" height=\"1100\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2612-2.png 2306w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2612-2-300x143.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2612-2-1024x488.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2612-2-768x366.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2612-2-1536x733.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2612-2-2048x977.png 2048w\" sizes=\"auto, (max-width: 2306px) 100vw, 2306px\" \/><\/p>\n<p id=\"caption-attachment-118648\" class=\"wp-caption-text\">Spot trading volumes, $bn. Data: CryptoCompare.<\/p>\n<\/div>\n<p>Spot trading volumes in November posted the third-largest tally in history ($272B). The figure trails only December 2017 and January 2018 \u2014 when turnover over two months stood at $307B.<\/p>\n<p>By exchange, Binance led with $176B in November, the highest figure in the platform\u2019s history. In the top three also ranked Coinbase ($29B) and Kraken ($16B). This signals substantial crypto interest among United States investors.<\/p>\n<\/div>\n<h2>Futures and options<\/h2>\n<div class=\"review_single_blk\">\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<div id=\"attachment_118650\" style=\"width: 1140px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118650\" class=\"size-full wp-image-118650\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2614-3.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"1130\" height=\"564\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2614-3.png 1130w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2614-3-300x150.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2614-3-1024x511.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2614-3-768x383.png 768w\" sizes=\"auto, (max-width: 1130px) 100vw, 1130px\" \/><\/p>\n<p id=\"caption-attachment-118650\" class=\"wp-caption-text\">Futures volumes for Bitcoin and Ethereum, $bn. Data: skew.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div id=\"attachment_118651\" style=\"width: 1138px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118651\" class=\"size-full wp-image-118651\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2615-2.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"1128\" height=\"564\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2615-2.png 1128w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2615-2-300x150.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2615-2-1024x512.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2615-2-768x384.png 768w\" sizes=\"auto, (max-width: 1128px) 100vw, 1128px\" \/><\/p>\n<p id=\"caption-attachment-118651\" class=\"wp-caption-text\">Options volumes for Bitcoin and Ethereum, $mm. Data: skew.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>The surge in Bitcoin and Ethereum was accompanied by record activity in the derivatives market. Futures volumes reached new highs \u2014 $69B for Bitcoin-based contracts and $23B for Ethereum, surpassing daily turnover during the March market crash.<\/p>\n<p>Open interest in Bitcoin futures climbed to a record $7.1B in November. On 26 November the figure fell by about 20% after a $3,000 correction in Bitcoin, during which liquidations across all assets reached a record $1.5B.<\/p>\n<p>Activity also rose in the options market. By the end of the month Ethereum option contracts traded more than $100M, and Bitcoin options more than $800M, rising roughly threefold on average.<\/p>\n<p>Open interest in Bitcoin options in November <em>updated<\/em> its historic maximum above $5B, while Ethereum contracts approached $1B.<\/p>\n<\/div>\n<div class=\"review_single_blk\">\n<div class=\"reviews_has_halves stretch\">\n<div class=\"review_half\">\n<div id=\"attachment_118772\" style=\"width: 852px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118772\" class=\"size-full wp-image-118772\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Otkrytyj_interes_po_bitkoin_fyuchersam_na_razlichnyh_birzhah.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"842\" height=\"512\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Otkrytyj_interes_po_bitkoin_fyuchersam_na_razlichnyh_birzhah.png 842w, https:\/\/u1f987.com\/wp-content\/uploads\/Otkrytyj_interes_po_bitkoin_fyuchersam_na_razlichnyh_birzhah-300x182.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Otkrytyj_interes_po_bitkoin_fyuchersam_na_razlichnyh_birzhah-768x467.png 768w\" sizes=\"auto, (max-width: 842px) 100vw, 842px\" \/><\/p>\n<p id=\"caption-attachment-118772\" class=\"wp-caption-text\">Open interest in Bitcoin futures across exchanges. Data: skew as of 28.11.2020.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<p>Thanks to the activity of large players, CME for the first time ranked first in the number of open Bitcoin futures positions. But soon OKEx reclaimed the top spot after resuming withdrawals.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<h2>DeFi<\/h2>\n<div class=\"review_single_blk\">\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<div id=\"attachment_118656\" style=\"width: 1140px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118656\" class=\"size-full wp-image-118656\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Top-20-DeFi-1.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"1130\" height=\"630\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Top-20-DeFi-1.png 1130w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-20-DeFi-1-300x167.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-20-DeFi-1-1024x571.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-20-DeFi-1-768x428.png 768w\" sizes=\"auto, (max-width: 1130px) 100vw, 1130px\" \/><\/p>\n<p id=\"caption-attachment-118656\" class=\"wp-caption-text\">Messari data as of 1.12.2020.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div id=\"attachment_118657\" style=\"width: 1148px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118657\" class=\"size-full wp-image-118657\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2621-2.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"1138\" height=\"658\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2621-2.png 1138w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2621-2-300x173.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2621-2-1024x592.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2621-2-768x444.png 768w\" sizes=\"auto, (max-width: 1138px) 100vw, 1138px\" \/><\/p>\n<p id=\"caption-attachment-118657\" class=\"wp-caption-text\">DeFi market-capitalisation by project. Data: DeFi Pulse.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>In November DeFi project tokens rose sharply after a bearish October. Among popular coins, Aave, SushiSwap and yEarn.Finance led the gains, the latter known for aggressive acquisitions and a high token price.<\/p>\n<p>Thanks to the renewed market activity, the value of assets locked in the sector rose by 32%, approaching $15 billion.<\/p>\n<\/div>\n<div class=\"review_single_blk\">\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<div id=\"attachment_118664\" style=\"width: 1138px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118664\" class=\"size-full wp-image-118664\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2620-2.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"1128\" height=\"670\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2620-2.png 1128w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2620-2-300x178.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2620-2-1024x608.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2620-2-768x456.png 768w\" sizes=\"auto, (max-width: 1128px) 100vw, 1128px\" \/><\/p>\n<p id=\"caption-attachment-118664\" class=\"wp-caption-text\">Top-3 DeFi-projects by locked value, $bln as of 1.12.2020. Data: DeFi Pulse.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div id=\"attachment_118665\" style=\"width: 1138px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118665\" class=\"size-full wp-image-118665\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2738.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"1128\" height=\"528\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2738.png 1128w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2738-300x140.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2738-1024x479.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2738-768x359.png 768w\" sizes=\"auto, (max-width: 1128px) 100vw, 1128px\" \/><\/p>\n<p id=\"caption-attachment-118665\" class=\"wp-caption-text\">Market capitalisation of tokenised Bitcoin on Ethereum. Data: Dune Analytics.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>Maker led the way in terms of value locked, with Uniswap losing its top spot. The WBTC token backed by Bitcoin rose from third to second place. Compound took third, while Uniswap dropped out of the top three.<\/p>\n<p>The market capitalisation of Ethereum-based Bitcoin tokens rose 39% during the month to $2.8B. The market capitalisation of the most popular \u201cBitcoin on Ethereum\u201d \u2014 WBTC \u2014 rose 44% to $2.3B. Such protocols offer holders of digital gold access to a DeFi-rich ecosystem. Demand for Bitcoin-backed Ethereum assets tightens the supply of the underlying Bitcoin, supporting its price.<\/p>\n<\/div>\n<h2>DeFi protocol yEarn.Finance creates an ecosystem by absorbing other projects<\/h2>\n<div class=\"review_timelines nobg\">\n<div class=\"review_single_timeline_blk first\">\n<div class=\"timeline_axis\"><\/div>\n<p class=\"timeline_tooltip\" data-num=\"1\"><strong>1<\/strong>On 24 November Pickle Finance announced a merger with yEarn.Finance after losing $20 million in a hack. YFI\u2019s creator Andre Cronje said the partnership was driven by project similarities.<\/p>\n<p class=\"timeline_tooltip right\" data-num=\"2\"><strong>2<\/strong>The next day Cronje presented details of integration with the Cream Finance lending protocol as work began on launching its second version. Cream will also host StableCredit \u2014 a protocol involving stablecoins and an automated market maker mechanism.<\/p>\n<p class=\"timeline_tooltip\" data-num=\"3\"><strong>3<\/strong>28 November Yearn Finance acquired Cover Protocol, a firm specialising in insurance. Goals remain the same \u2014 to optimise, expand and strengthen, based on a common vision.<\/p>\n<p class=\"timeline_tooltip right\" data-num=\"4\"><strong>4<\/strong>30 November the project absorbed Akropolis, a DeFi protocol oriented to institutional investors and also hacked.<\/p>\n<p class=\"timeline_tooltip\" data-num=\"5\"><strong>5<\/strong>Weekly acquisition marathon culminated with a major announcement \u2014 on 1 December Andre Cronje announced a merger with the decentralised platform SushiSwap. Together the projects will focus on developing automated market making technology.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_single_blk\">\n<h2>DEX<\/h2>\n<div id=\"attachment_118675\" style=\"width: 2316px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118675\" class=\"size-full wp-image-118675\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2574-2.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"2306\" height=\"1012\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2574-2.png 2306w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2574-2-300x132.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2574-2-1024x449.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2574-2-768x337.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2574-2-1536x674.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2574-2-2048x899.png 2048w\" sizes=\"auto, (max-width: 2306px) 100vw, 2306px\" \/><\/p>\n<p id=\"caption-attachment-118675\" class=\"wp-caption-text\">Volume traded on decentralised exchanges, $bn. Data: Dune Analytics.<\/p>\n<\/div>\n<p>Trading volume on decentralised exchanges (DEX) in November continued to decline, falling to $17.07B. Uniswap accounted for 54.8% of the market share. SushiSwap ranked second, helped by the [end of] UNI mining program through liquidity provision on Uniswap, largely due to its competing liquidity pools. Subsequently Uniswap lost half of its liquidity, dropping to sixth place in the overall locked assets ranking. Meanwhile SushiSwap\u2019s value locked rose from $260m to $1.1B (finishing the month around $730m).<\/p>\n<\/div>\n<div class=\"review_single_blk\">\n<h2>Stablecoins<\/h2>\n<div id=\"attachment_118677\" style=\"width: 2316px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118677\" class=\"size-full wp-image-118677\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2685-1.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"2306\" height=\"1078\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2685-1.png 2306w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2685-1-300x140.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2685-1-1024x479.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2685-1-768x359.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2685-1-1536x718.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2685-1-2048x957.png 2048w\" sizes=\"auto, (max-width: 2306px) 100vw, 2306px\" \/><\/p>\n<p id=\"caption-attachment-118677\" class=\"wp-caption-text\">Market capitalisation of stablecoins. Data: Messari.<\/p>\n<\/div>\n<p>Stablecoin capitalisation in November reached $24 billion. During the month Tether issued $2.4 billion USDT \u2014 its share in the segment exceeded 80%. The closest competitor, Circle, issued $31 million USDC in the same period, bringing stablecoin market-cap close to $3 billion.<\/p>\n<\/div>\n<h2>P2P trading<\/h2>\n<div class=\"review_single_blk\">\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<div id=\"attachment_118679\" style=\"width: 1114px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118679\" class=\"size-full wp-image-118679\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2628-2.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"1104\" height=\"510\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2628-2.png 1104w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2628-2-300x139.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2628-2-1024x473.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2628-2-768x355.png 768w\" sizes=\"auto, (max-width: 1104px) 100vw, 1104px\" \/><\/p>\n<p id=\"caption-attachment-118679\" class=\"wp-caption-text\">Volume of LocalBitcoins trading on the LocalBitcoins platform in 2020, $mm. Data: coin.dance.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div id=\"attachment_118680\" style=\"width: 1138px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118680\" class=\"size-full wp-image-118680\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2627-2.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"1128\" height=\"510\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2627-2.png 1128w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2627-2-300x136.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2627-2-1024x463.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2627-2-768x347.png 768w\" sizes=\"auto, (max-width: 1128px) 100vw, 1128px\" \/><\/p>\n<p id=\"caption-attachment-118680\" class=\"wp-caption-text\">P2P trading volumes on Paxful platform in 2020, $mm. Data: coin.dance.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>On P2P platforms, activity rose only modestly, with no pronounced spikes. LocalBitcoins showed a similar trend to October, rising from $36.4m in the first week of November to $40.6m by month-end.<\/p>\n<p>On Paxful, trading volumes averaged about 10% higher than the prior month, reaching $36m.<\/p>\n<\/div>\n<h2>Mining, hash rate, fees<\/h2>\n<div class=\"review_single_blk\">\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<div id=\"attachment_118688\" style=\"width: 1140px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118688\" class=\"size-full wp-image-118688\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2634-2.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"1130\" height=\"540\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2634-2.png 1130w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2634-2-300x143.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2634-2-1024x489.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2634-2-768x367.png 768w\" sizes=\"auto, (max-width: 1130px) 100vw, 1130px\" \/><\/p>\n<p id=\"caption-attachment-118688\" class=\"wp-caption-text\">Bitcoin hash rate dynamics since start of year, EH\/s. Data: Glassnode.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div id=\"attachment_118689\" style=\"width: 1100px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118689\" class=\"size-full wp-image-118689\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2673-1.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"1090\" height=\"554\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2673-1.png 1090w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2673-1-300x152.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2673-1-1024x520.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2673-1-768x390.png 768w\" sizes=\"auto, (max-width: 1090px) 100vw, 1090px\" \/><\/p>\n<p id=\"caption-attachment-118689\" class=\"wp-caption-text\">Share of the largest Bitcoin mining pools in hash rate. Data: Glassnode.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>Bitcoin hash rate recovered after a fall at the end of October to November. The month\u2019s rise stood at 18%, and from the local low on 3 November it was up 55%. The positive hash rate dynamic may be linked to a wave of ASIC miners joining the network after Sichuan\u2019s migration. The metric historically correlates closely with Bitcoin\u2019s price.<\/p>\n<p>Over the same period Ethereum hash rate reached a fresh all-time high, rising 9% in November.<\/p>\n<\/div>\n<div class=\"review_single_blk\">\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<div id=\"attachment_118692\" style=\"width: 1140px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118692\" class=\"size-full wp-image-118692\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2631-2.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"1130\" height=\"588\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2631-2.png 1130w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2631-2-300x156.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2631-2-1024x533.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2631-2-768x400.png 768w\" sizes=\"auto, (max-width: 1130px) 100vw, 1130px\" \/><\/p>\n<p id=\"caption-attachment-118692\" class=\"wp-caption-text\">Average BTC- and ETH-transaction fees. Data: Blockchair.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div id=\"attachment_118693\" style=\"width: 1126px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118693\" class=\"size-full wp-image-118693\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2687-1.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"1116\" height=\"628\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2687-1.png 1116w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2687-1-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2687-1-1024x576.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2687-1-768x432.png 768w\" sizes=\"auto, (max-width: 1116px) 100vw, 1116px\" \/><\/p>\n<p id=\"caption-attachment-118693\" class=\"wp-caption-text\">Share of the largest pools in Bitcoin hash rate. Data: btc.com as of 1.12.2020<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>During November, the average fee for Ethereum transactions rose modestly amid renewed on-chain activity, while Bitcoin transaction fees declined most of November but rebounded on the back of new price highs in BTC\/USD pairs.<\/p>\n<p>As before, the Bitcoin hash rate remains driven by Chinese mining pools. The largest are F2Pool, Poolin, and BTC.com, with shares of 19.2%, 12.4% and 11.3% respectively. The balance of power in the sector changed little over the month.<\/p>\n<\/div>\n<div class=\"review_single_blk\">\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<div id=\"attachment_118695\" style=\"width: 1140px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118695\" class=\"size-full wp-image-118695\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2632-2.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"1130\" height=\"532\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2632-2.png 1130w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2632-2-300x141.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2632-2-1024x482.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2632-2-768x362.png 768w\" sizes=\"auto, (max-width: 1130px) 100vw, 1130px\" \/><\/p>\n<p id=\"caption-attachment-118695\" class=\"wp-caption-text\">Bitcoin and Ethereum miners\u2019 revenues in November. Data: Glassnode.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div id=\"attachment_118696\" style=\"width: 1140px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118696\" class=\"size-full wp-image-118696\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2630-2.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"1130\" height=\"532\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2630-2.png 1130w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2630-2-300x141.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2630-2-1024x482.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2630-2-768x362.png 768w\" sizes=\"auto, (max-width: 1130px) 100vw, 1130px\" \/><\/p>\n<p id=\"caption-attachment-118696\" class=\"wp-caption-text\">Bitcoin and Ethereum miners\u2019 revenues in 2020. Data: Glassnode<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>Thanks to the rise in Bitcoin price, miner revenues returned to levels seen before the May halving. In November miners earned $516.6 million from Bitcoin and $258.8 million from Ethereum, lower than in September and August when commissions surged amid DeFi activity.<\/p>\n<\/div>\n<h2>On\u2011chain data<\/h2>\n<div class=\"review_single_blk\">\n<div class=\"reviews_has_halves stretch\">\n<div class=\"review_half\">\n<div id=\"attachment_118699\" style=\"width: 1140px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118699\" class=\"size-full wp-image-118699\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2649-1-1.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"1130\" height=\"590\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2649-1-1.png 1130w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2649-1-1-300x157.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2649-1-1-1024x535.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2649-1-1-768x401.png 768w\" sizes=\"auto, (max-width: 1130px) 100vw, 1130px\" \/><\/p>\n<p id=\"caption-attachment-118699\" class=\"wp-caption-text\">Balance changes of various Bitcoin address categories from 15 October to 1 December. Data: Glassnode.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<p>From mid-October to 1 December 2020 there were shifts in the balance-sheet structure of Bitcoin holders \u2014 the number of players with \u22651000 BTC and \u226510,000 BTC rose by 4.61% and 4.81% respectively. The number of \u201cmid-sized\u201d wallets remained largely unchanged. The number of retail holders with assets from 0.01 BTC and 0.1 BTC fell by 0.88% and 1.27% respectively.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"review_single_blk\">\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<div id=\"attachment_118701\" style=\"width: 1138px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118701\" class=\"size-full wp-image-118701\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2718-1.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"1128\" height=\"618\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2718-1.png 1128w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2718-1-300x164.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2718-1-1024x561.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2718-1-768x421.png 768w\" sizes=\"auto, (max-width: 1128px) 100vw, 1128px\" \/><\/p>\n<p id=\"caption-attachment-118701\" class=\"wp-caption-text\">Bitcoin price and balance trends of custodial exchanges, thousand BTC. Data: Glassnode, Yahoo Finance.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div id=\"attachment_118702\" style=\"width: 1138px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118702\" class=\"size-full wp-image-118702\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2688-1.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"1128\" height=\"626\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2688-1.png 1128w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2688-1-300x166.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2688-1-1024x568.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2688-1-768x426.png 768w\" sizes=\"auto, (max-width: 1128px) 100vw, 1128px\" \/><\/p>\n<p id=\"caption-attachment-118702\" class=\"wp-caption-text\">Share of Bitcoin supply not moved for more than two years. Data: Glassnode, Yahoo Finance.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<ul>\n<li>Balances on centralized exchanges continued to trend lower. In November, balances on CEX declined by 3%; since the start of the year the fall has been 17%. By 1 December, centralized exchanges held 12.94% of the total Bitcoin supply.<\/li>\n<li>The trend may reflect rising DeFi platform popularity, including WBTC, and market participants\u2019 desire to retain control of funds. Clearly Bitcoin\u2019s ascent is not sufficiently prompting active selling on centralized exchanges. Beyond reducing potential price pressure, it may signal institutional participation and a rising number of Buy &#038; Hold proponents.<\/li>\n<li>The share of Bitcoin supply that hasn\u2019t moved for over two years ticked down slightly in November. This could indicate profit-taking by some holders. Yet the overall trend remains upward \u2014 the indicator has risen from 39% to 44% since the start of the year. This points to a shift in market participants\u2019 time preference toward longer horizons.<\/li>\n<\/ul>\n<\/div>\n<div class=\"review_single_blk\">\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<div id=\"attachment_118706\" style=\"width: 1138px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118706\" class=\"size-full wp-image-118706\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2691-1.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"1128\" height=\"524\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2691-1.png 1128w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2691-1-300x139.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2691-1-1024x476.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2691-1-768x357.png 768w\" sizes=\"auto, (max-width: 1128px) 100vw, 1128px\" \/><\/p>\n<p id=\"caption-attachment-118706\" class=\"wp-caption-text\">Dynamics of the number of active Bitcoin addresses. Data: Glassnode.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div id=\"attachment_118707\" style=\"width: 1138px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118707\" class=\"size-full wp-image-118707\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2690-1.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"1128\" height=\"564\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2690-1.png 1128w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2690-1-300x150.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2690-1-1024x512.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-2690-1-768x384.png 768w\" sizes=\"auto, (max-width: 1128px) 100vw, 1128px\" \/><\/p>\n<p id=\"caption-attachment-118707\" class=\"wp-caption-text\">Share of Ethereum supply used in smart contracts. Data: Glassnode.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>Against the backdrop of investor engagement, mass adoption of Bitcoin among a broad set of market participants grew \u2014 evidenced by the rising number of active addresses, approaching late-2017 levels.<\/p>\n<p>Since mid-October there has been a noticeable reduction in Ethereum\u2019s share of activity in DeFi smart contracts. This may reflect a cooling in the hype surrounding the sector, as investors take profits ahead of ETH\u2019s annual high.<\/p>\n<\/div>\n<h2>Institutional participation<\/h2>\n<div class=\"review_single_blk\">\n<div class=\"reviews_has_halves stretch\">\n<div class=\"review_half\">\n<div id=\"attachment_118709\" style=\"width: 1138px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118709\" class=\"size-full wp-image-118709\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/aktivy-publichnyh-kompanij-1.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"1128\" height=\"882\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/aktivy-publichnyh-kompanij-1.png 1128w, https:\/\/u1f987.com\/wp-content\/uploads\/aktivy-publichnyh-kompanij-1-300x235.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/aktivy-publichnyh-kompanij-1-1024x801.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/aktivy-publichnyh-kompanij-1-768x601.png 768w\" sizes=\"auto, (max-width: 1128px) 100vw, 1128px\" \/><\/p>\n<p id=\"caption-attachment-118709\" class=\"wp-caption-text\">Investments in Bitcoin by public companies as of 1 December 2020. Data: bitcointreasuries.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<p>Public companies significantly increased unrealised gains from Bitcoin, for example MicroStrategy generated $34.35 million of such gains in the last year. By contrast, profits from Bitcoin holdings reached $322.7 million in under four months.<\/p>\n<p>Another example is Square \u2014 Jack Dorsey\u2019s company. In October it invested 1% of its capital in Bitcoin, purchasing 4709 BTC. An initial $50 million investment has since grown to about $92 million.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"review_single_blk\">\n<div class=\"reviews_has_halves stretch\">\n<div class=\"review_half\">\n<div id=\"attachment_118711\" style=\"width: 1126px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118711\" class=\"size-full wp-image-118711\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/GBTC-1-1-1.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"1116\" height=\"674\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/GBTC-1-1-1.png 1116w, https:\/\/u1f987.com\/wp-content\/uploads\/GBTC-1-1-1-300x181.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/GBTC-1-1-1-1024x618.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/GBTC-1-1-1-768x464.png 768w\" sizes=\"auto, (max-width: 1116px) 100vw, 1116px\" \/><\/p>\n<p id=\"caption-attachment-118711\" class=\"wp-caption-text\">Grayscale Bitcoin Trust assets (thousand BTC). Data: grayscale.co.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<p>Grayscale Investments posted a fresh record \u2014 assets under management exceeded $10 billion on 18 November; by 1 December the figure stood at $12.3 billion. The abrupt rise points to institutional interest. JPMorgan notes that inflows into Grayscale trusts outpaced gold-backed exchange-traded funds.<\/p>\n<p>Galaxy Digital, Mike Novogratz\u2019s firm, attracted $58.7 million from 33 investors over the year, with average investments of $1.6 million.<\/p>\n<p>Amidst institutional activity, Coinbase reported record custody volumes \u2014 assets held in its custody service rose from $6 billion in April to $20 billion by December.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"review_single_blk\">\n<h2>What else is happening with institutional players?<\/h2>\n<ul>\n<li>Swiss subsidiary Gazprombank (Switzerland) Ltd launched test Bitcoin trading.<\/li>\n<li>BlackRock\u2019s Chief Investment Officer Rick Rieder stated that Bitcoin could replace gold.<\/li>\n<li>SkyBridge Capital, with $9.2 billion assets under management, filed with the SEC for approval to invest in digital currencies.<\/li>\n<li>VanEck added a Bitcoin ETN to its list of traded products. Trading began on Deutsche Boerse\u2019s Xetra.<\/li>\n<\/ul>\n<\/div>\n<div class=\"review_single_blk\">\n<h2>Billionaires take a look at Bitcoin<\/h2>\n<ul>\n<li>Former George Soros associate Stanley Druckenmiller said he invested in Bitcoin, highlighting its advantages over gold and suggesting he expects greater returns from the first cryptocurrency.<\/li>\n<li>Meanwhile, Ray Dalio argued that governments will \u201cchoke\u201d Bitcoin before it fulfils its potential, so he prefers gold. Dalio later acknowledged he may have been mistaken.<\/li>\n<li>Mexican billionaire Ricardo Salinas Pliego invested 10% of his portfolio in Bitcoin, accompanying the decision with a video showing bags of Venezuelan bolivars for emphasis.<\/li>\n<\/ul>\n<\/div>\n<div class=\"review_single_blk has_map review_2_map\">\n<h2>What about central bank digital currencies (CBDCs)?<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2644-3.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"2350\" height=\"1182\" \/><\/p>\n<div class=\"country_blk\" data-blk=\"1\">Chinese President Xi Jinping believes <strong>China<\/strong> should be one of the key legislators of the international CBDC framework. He also called on the G20 to develop uniform CBDC standards.<\/div>\n<div class=\"country_blk\" data-blk=\"2\">Australia\u2019s central bank will study wholesale CBDC on the basis of Ethereum.<\/div>\n<div class=\"country_blk\" data-blk=\"3\">Brazil\u2019s economy minister confirmed plans to issue a sovereign digital currency.<\/div>\n<div class=\"country_blk\" data-blk=\"4\">Norway\u2019s central bank said there is no urgent need to launch a CBDC.<\/div>\n<div class=\"country_blk\" data-blk=\"5\">The United Kingdom has begun considering regulation of stablecoins and the possible launch of a CBDC.<\/div>\n<div class=\"country_blk\" data-blk=\"6\">United Arab Emirates and Saudi Arabia concluded joint pilots on CBDC readiness \u2014 they deemed distributed ledger technology relevant.<\/div>\n<div class=\"country_blk\" data-blk=\"7\"><strong>European Central Bank<\/strong> (ECB) has begun an EU-wide poll on the relevance of a digital euro, and ECB president Christine Lagarde has <em>allowed<\/em> for its possible creation within the next two to four years.<\/div>\n<div class=\"country_blk\" data-blk=\"8\">CB <strong>Russia<\/strong> held meetings with major banks about the prospect of a digital ruble. Sberbank later presented a model to tokenize all cash rubles under central-bank rules. In response the Bank of Russia signalled it will issue its own digital rubles, which would become a third form of money. Following China\u2019s lead the central bank <em>will not permit<\/em> a successful launch of stablecoins on the ruble base.<\/div>\n<\/div>\n<div class=\"review_single_blk has_map review_2_map m\">\n<h2>Key regional events<\/h2>\n<div class=\"reviews_has_halves stretch\">\n<div class=\"review_half\">\n<div class=\"review_single_blk has_region\">\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-81142\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Frame-1.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"105\" height=\"79\" \/><\/p>\n<ul>\n<li>En+ Group and BitRiver created a venture for cryptocurrency mining.<\/li>\n<li>Demand for mining equipment in Russia rose 45%, according to Avito data.<\/li>\n<li>Sberbank will launch a blockchain platform to buy digital assets. The bank\u2019s head, Herman Gref, also suggested the possibility of its own stablecoin in 2021.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div class=\"review_single_blk has_region\">\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-81141\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Frame.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"106\" height=\"80\" \/><\/p>\n<ul>\n<li>In November, a draft law on stimulating the development of the digital economy in Ukraine was introduced in the Verkhovna Rada as part of the Diiya City project. It provides for establishing legal foundations to stimulate IT business in the country.<\/li>\n<li>Binance and Ukraine\u2019s Digital Transformation Ministry released an educational series about Bitcoin to acquaint users with the history of digital assets, terminology, mining, exchanges and buying\/selling crypto.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<h2>Key regulatory events<\/h2>\n<div class=\"reviews_has_halves stretch\">\n<div class=\"review_half\">\n<div class=\"review_single_blk has_region\">\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-81141\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Frame.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"106\" height=\"80\" \/><\/p>\n<ul>\n<li>On 2 December Ukraine\u2019s Verkhovna Rada approved in first reading a base bill; virtual assets were equated to intangible assets.<\/li>\n<\/ul>\n<\/div>\n<div class=\"review_single_blk has_region has_top_divider\">\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-116085\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Frame-4-1.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"105\" height=\"79\" \/><\/p>\n<ul>\n<li>Central Bank of Kyrgyzstan proposed regulating crypto exchanges operating in the country.<\/li>\n<\/ul>\n<\/div>\n<div class=\"review_single_blk has_region has_top_divider\">\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-118733\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Frame-9.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"104\" height=\"78\" \/><\/p>\n<ul>\n<li>In Argentina a bill to regulate cryptocurrencies was proposed for consideration in parliament.<\/li>\n<\/ul>\n<\/div>\n<div class=\"review_single_blk has_region has_top_divider\">\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-118736\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Frame-10.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"103\" height=\"78\" \/><\/p>\n<ul>\n<li>Nigeria\u2019s Finance Ministry will develop a regulatory base for cryptocurrency and blockchain tech.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div class=\"review_single_blk has_region\">\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-81142\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Frame-1.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"105\" height=\"79\" \/><\/p>\n<ul>\n<li>Russian Prime Minister <strong>Mikhail Mishustin<\/strong> said authorities would defend holders\u2019 rights to crypto and propose legislative changes. Later, the Ministry of Finance proposed amendments criminalising non-declaration of cryptocurrency assets, and on 26 November the government approved the bill.<\/li>\n<\/ul>\n<\/div>\n<div class=\"review_single_blk has_region has_top_divider\">\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-118738\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2708-1.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"104\" height=\"79\" \/><\/p>\n<ul>\n<li><strong>South Korea<\/strong> will introduce a ban on anonymous crypto, while authorities pushed back crypto taxation to 2022.<\/li>\n<\/ul>\n<\/div>\n<div class=\"review_single_blk has_region has_top_divider\">\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-118739\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Frame-11.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"104\" height=\"78\" \/><\/p>\n<ul>\n<li><strong>South Africa<\/strong> will classify cryptocurrencies as financial products.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<h2>\u0417\u0430\u043f\u0443\u0441\u043a Ethereum 2.0 \u0441 \u0444\u0443\u043d\u043a\u0446\u0438\u0435\u0439 \u0441\u0442\u0435\u0439\u043a\u0438\u043d\u0433\u0430<\/h2>\n<div class=\"review_timelines nobg\">\n<div class=\"review_single_timeline_blk second\">\n<div class=\"timeline_axis\"><\/div>\n<p class=\"timeline_tooltip\" data-num=\"1\"><strong>1<\/strong>On 4 November Ethereum developers <em>presented<\/em> the Ethereum 2.0 deposit contract, enabling transfers from the existing network to ETH2. The genesis block date was announced for 1 December 2020. The main condition was 16,384 validators holding a total of 524,288 ETH (minimum 32 ETH each). Deposits began the same day.<\/p>\n<p class=\"timeline_tooltip right\" data-num=\"2\"><strong>2<\/strong>The co-founder Vitalik Buterin <em>sent<\/em> 3,200 ETH to the deposit contract within a day to bolster confidence.<\/p>\n<p class=\"timeline_tooltip\" data-num=\"3\"><strong>3<\/strong>About a week later, on 11 November, users <em>deposited<\/em> 52,993 ETH, or 10% of the required total.<\/p>\n<p class=\"timeline_tooltip right\" data-num=\"4\"><strong>4<\/strong>Buterin later described the advantages of early ETH2 staking for validators, noting penalties enshrined in the protocol.<\/p>\n<p class=\"timeline_tooltip\" data-num=\"5\"><strong>5<\/strong>Some users worried that deposits would be irreversible; Buterin <em>reassured<\/em> that deposits could be undone with a hard fork if the network did not launch on 1 December.<\/p>\n<p class=\"timeline_tooltip\" data-num=\"6\"><strong>6<\/strong>Despite a slow start, users <em>ensured<\/em> ETH 2.0 launched on schedule \u2014 the required threshold of 524,288 ETH and 16,384 validators was surpassed on 24 November. Investors included Dubai-based IBC Group, which transferred the equivalent of $10 million. The last 25,000 ETH were deposited by Celsius Network.<\/p>\n<p class=\"timeline_tooltip\" data-num=\"7\"><strong>7<\/strong>On 1 December the zero-th phase of Ethereum 2.0 <em>launched<\/em> successfully. The user-deposited amount exceeded the threshold by 66.5%.<\/p>\n<\/div>\n<\/div>\n<h2>Other notable November events<\/h2>\n<div class=\"reviews_has_thirds has_articles\">\n<div class=\"review_third\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url('\/wp-content\/themes\/forklogv2\/img\/ra31.png');\"><strong>OKEx resumed withdrawals<\/strong><\/div>\n<p>26 November Chinese crypto exchange OKEx <em>resumed<\/em> withdrawals. The feature had been unavailable since 16 October. CryptoQuant data show that on the first day 24,631 BTC left the platform, while more than 21,000 BTC were sent to other exchanges. Users largely moved funds to rival platforms \u2014 Huobi, Binance and others.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_third\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url('\/wp-content\/themes\/forklogv2\/img\/ra32.png');\"><strong>PayPal launched Bitcoin purchase and sale for US users<\/strong><\/div>\n<p>American PayPal customers were enabled to buy and sell Bitcoin, Bitcoin Cash, Ethereum and Litecoin. The weekly buying limit was $20,000. The head of PayPal later said Bitcoin will be used more for everyday payments than as a store of value, and he also <em>announced<\/em> the possibility of accepting Bitcoin by merchants in PayPal in the next year.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_third\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url('\/wp-content\/themes\/forklogv2\/img\/ra33.png');\"><strong>US authorities seized Silk Road-linked Bitcoin<\/strong><\/div>\n<p>3 November the US Department of Justice <em>confiscated<\/em> 69,370 BTC worth over $1 billion, plus an equivalent amount in Bitcoin Cash, Bitcoin SV and Bitcoin Gold from hard forks. It emerged that the wallet had been targeted by hackers for years and is linked to the Silk Road dark\u2011net marketplace, whose founder is serving a life sentence.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"reviews_has_thirds has_articles\">\n<div class=\"review_third\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url('\/wp-content\/themes\/forklogv2\/img\/ra34.png');\"><strong>Mining pools backed Taproot upgrade<\/strong><\/div>\n<p>The initiative started with the Poolin mining pool, which <em>launched<\/em> a portal to coordinate the Taproot upgrade in Bitcoin. Two weeks later pools controlling about 82% of the hash rate announced readiness to support its activation.<\/p>\n<p>Read more on Taproot and Schnorr signatures in the educational card.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_third\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url('\/wp-content\/themes\/forklogv2\/img\/ra35.png');\"><strong>First Bitcoin Cash halving<\/strong><\/div>\n<p>On 18 November the Bitcoin Cash network held its first halving. Block rewards dropped from 6.25 BCH to 3.125 BCH. The Canopy upgrade also activated, including the plan to create a development fund funded by 20% of miner rewards.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<h2>Quotes of the month<\/h2>\n<div class=\"reviews_has_halves stretch has_digits\">\n<div class=\"review_half\">\n<div class=\"review_single_blk has_quote s\">\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Mask-Group-42.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"334\" height=\"334\" \/>&#8220;Bitcoin will mature further and we will see greater regulation of its payment functions. The existing payment mechanisms are inefficient \u2014 this is a driver for Bitcoin\u2019s growth&#8221;.<strong>Jay Clayton<\/strong><em>Chairman of the US SEC<\/em><\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div class=\"review_single_blk has_quote s\">\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Mask-Group-43.png\" alt=\"\u041d\u043e\u044f\u0431\u0440\u044c 2020 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c \u0446\u0435\u043d\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0437\u0430\u043f\u0443\u0441\u043a Ethereum 2.0\" width=\"332\" height=\"332\" \/>&#8220;We will make changes to the Tax Code. Digital financial assets will be recognised as property, their holders will be entitled to legal protection in case of wrongdoing, and will defend their property rights in court&#8221;.<strong>Mikhail Mishustin<\/strong><em>Prime Minister of Russia<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Spot and derivatives markets were flooded with activity, DEX volumes retreated, yearn.finance began aggressive expansion, and Ethereum\u2019s hash rate hit a new high ahead of the ETH 2.0 Phase Zero launch.<\/p>\n","protected":false},"author":1,"featured_media":32883,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"3","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[1144],"tags":[1740,1233,1244],"class_list":["post-32882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-longreads","tag-bitcoin-industry-in-numbers","tag-industry-digests","tag-weekly-summary"],"aioseo_notices":[],"amp_enabled":true,"views":"12","promo_type":"1","layout_type":"3","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/32882","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=32882"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/32882\/revisions"}],"predecessor-version":[{"id":32884,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/32882\/revisions\/32884"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/32883"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=32882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=32882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=32882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}